Posted May 20, 2013
Sometimes the US dollar is able to achieve great results against other currencies, but it was not to happen this week. Instead we saw a range of ups and downs, pointing to a tough week all in all – although the end result wasn’t too bad.
As the week got underway, the US dollar started on 0.6500 against the British pound. There was little movement today but what there was went in the way of the US dollar, raising it to 0.6506 in the process. The opening rate against the Euro was 0.7699 and this increased too, this time rising to 0.7708. Elsewhere in Europe the dollar fell against the Swiss franc, opening on 0.9570 and closing on 0.9561 instead.
There was more good news to start with today, as the US dollar rose a little further against the pound to close on 0.6535. Elsewhere there was a drop on the cards against the Euro as the dollar fell a little to 0.7705. The dollar did manage to improve against the Swiss franc though, as it rose from yesterday’s closing rate of 0.9561 to 0.9567 today.
Another small raise was on the cards today and it meant the dollar increased to 0.6579 against the pound. After yesterday’s fall against the Euro there was better news today, as it rose once again – this time to 0.7773. There was more significant news against the Swiss franc today, because the dollar managed to improve the closing rate it had previously achieved, rising to 0.9716 in the process. All in all today was a pretty good day, but since we are only at the midweek point, could the dollar hold up this kind of performance for another couple days?
After three days of improvements it was almost certain we’d see a drop eventually. Today took the US dollar down to 0.6559 against the pound as a result. The pattern against the Euro continued to go up and down, with a fall to 0.7757 today. Although the dollar had performed well against the Swiss franc yesterday, it didn’t come as much of a surprise to see a drop this week. The fall took it back below the 0.97 level and saw it close on 0.9654 as a result.
Finally we had a little more upward movement to close out the week against the pound, as the dollar hit a closing rate of 0.6564. We also had a good result to close the week against the Euro, with a better rate of 0.7770 here. The question now was whether the US dollar could repeat this feat against the Swiss franc too. We got good news in answer to that question, as the dollar pushed back and achieved a better closing rate of 0.9673 as a result. So we got better results to close the week with, although in the overall picture the week gave us, they could have been better.